Help transitioning to iMac from XP

WD External Drives External Drives for PC
3

Will this work: 

1.  Format my Anywhere Backup drive to FAT32 on an iMAC

2.  Backup my Windows XP computer with this reformatted drive - can my xp backup to a WD Anyhwere Backup formatted to Fat32?

Use this new backup to transfer files to my new iMAC.

Any help will be greatly appreciated.

Thanks.